Main reasons to commence your Heston lease extension

Top reasons for lease extension now:

Increase your lease and increase your Heston property value

On the balance of probabilities where you own a flat in Heston you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not loan monies with a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider providing a mortgage on it. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so where they are not able to secure a mortgage, then the value of your property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to accept

Get in touch with one of our Heston lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake Heston lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Heston Lease Extension Case Summaries:

James, Heston, North London

Last year James, started to get near to the 80-year threshold with the lease on his leasehold flat in Heston. In buying his flat two decades ago, the length of the lease was of no interest. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. James arranged for a lease extension just ahead of time last July. James and the freeholder in the end agreed on the final figure of £6,000 . If he had missed the deadline, the premium would have become more costly by a minimum £975.

Heston case:

In 2010 we were approached by Mr and Mrs. B Howard who, having completed a one bedroom flat in Heston in January 2001. The question was if we could approximate the price would be to extend the lease by an additional years. Comparable flats in Heston with an extended lease were in the region of £233,200. The mid-range amount of ground rent was £60 collected per annum. The lease terminated on 8 February 2087. Given that there were 61 years outstanding we calculated the premium to the landlord to extend the lease to be within £22,800 and £26,400 not including costs.